*Islamabad, IRNA - The government of Pakistan according to the ministry of commerce and industry, has finalized the modalities for opening a banking channel with Tehran, local media reported.*
During a meeting of the National Assembly Standing Committee on Commerce, officials of the ministry informed that during the recent meeting with a high powered delegation led by Iranian Foreign Minister Mohammad Javad Zarif, all modalities have been finalized.
According to the officials, during the meeting, both Governor and Deputy Governor of State Bank of Pakistan were called to discuss the banking issues.
Subsequently, the central bank has been working on the options of opening banking links with Iran.
“We are analyzing how other countries have established trade ties with Iran despite the trade embargo,” said the officials adding that an important meeting was held at Ministry of Foreign Affairs, where all issues related to improving bilateral trade ties were discussed.
Chairman of the committee Siraj Muhammad Khan said Pakistan, during the past four years, kept making excuses while other countries established trade ties with Iran.
“We have lost four years by ignoring the potential of bilateral trade with our neighbouring country. While other neighbours including India not only continued its trade ties but also improved bilateral trade with Iran,” said a member of the committee and MNA of ruling party Pakistan Muslim League Nawaz (PMLN) Chaudhry Asad-ur-Rehman.
Officials from the ministry of commerce informed the committee that the main stumbling block in promoting Pak-Iran bilateral trade was the lack of banking channels. Chairman of the committee, however, suggested starting trade with Iran on a barter system as both sides had a number of sectors in which they could export and import their products. The committee also directed the ministry to especially focus on boosting trade with neighbouring countries, especially with Iran as there were vast opportunities for Pakistani businessmen.